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Jan 19, 2010 11:00am EST
on "the call." >> washington, wall street, main street all focusing on massachusetts where a crucial election is being held to fill ted kennedy's senate seat. some are calling it the people's seat and there's a lot at stake for president obama and his health care reform plan. nbc news correspondent norra o'donnell joins us live from boston with more. norra, we are jealous. you have the story of the day. reporters are calling it a five-alarm fire on both sides. what's it like. >> i thought you were going to say it because i'm at the cheers bar. >> i would like to have a cocktail right now, but it's not fitting into my schedule. anyway, yeah? >> exactly. this could be the biggest political upset of our life time. the democrats are bracing for a devastating defeat. the republicans are hoping for a historic upset. the last time a republican held the seat of ted kennedy, this ted kennedy or the people's seat this, particular senate seat was in 1952 when jfk defeated henry cabot lodge. so republicans feel very energized. i just touched with the campaigns to give you the very latest and a s
Jan 20, 2010 11:00am EST
finances and diana ole sick in washington. responding to a lot of pressure, diana. >> the rising number of blink wenses among fha-backed loans are increasing pressure on the government loan insurer to shore up and that's precisely what it's doing today. the fha will raise its up-front insurance premium from 1.75% of the loan to 2.25%. that's the second time it's raised that premium in two years. most borrowers roll that cost into the loan. next, it will ask congress for the authority to increase the maximum premium and then to down payments. the fha requires a minimum 3.5% down payment which is why it's currently more popular, most lenders are requiring 20% down. the fha will continue that for borrowers with at least a 580 fico score, but for those lower than that they will require 10% down. the fha is reducing the amount of seller concessions and how much a seller can kick in on the home sale from 6% to 3%. that actually brings it more in line with the industry standard. finally, the fha is doing even more to increase enforcement on fha lenders. some of which are showing far more delin
Jan 12, 2010 11:00am EST
pearson at the fdic in washington with the details. hampton, what are they deciding? >> well, larry, just within the hour the fdic board has approved from its staff a notice of advanced proposed rule make in essence to you were talking about. tie, if you will, the premiums that banks are assessed when they pay for their fdi insurance to their compensation structure. in a nutshell, in essence, the riskier the compensation structure, potentially the higher the insurance fees. now this is a controversial proposal even among fdic board members. they had a split vote even to go ahead with just what is now a very sensitive proposal upon. . >> as deposit insurer responsible for managing the sources of the deposit insurance fund, this type of risk valuation is central to our mission and purpose. >> we are there with clearly-identified problems and i think we need to have direct examination and supervision as the federal reserve board process provides and congressional process plainly contemplates. only if that is inadequate should we consider other measures. >> now, here is what the key elements
Jan 21, 2010 11:00am EST
regulation was going to take a larger part of the washington agenda in 2010, as the congress and the president moved on from the issue that is occupied 2009, and this flows with the wave of concern that average people expressed in massachusetts about washington and about the size of big business and big government. so what you see is the administration trying to identify what it considers a responsible way to limit the size. you have paul volcker having talked for some time, like alan greenspan, about the need to reduce the size of too big to fail institutions, as greenspan says, too big to fail, that means it's too big. they'll allowance limits on the liabilities that individual institutions can control and try to ban proprietary trading by institutions to the extent that they benefit from the federal deposit guarantee. the ideas if they bet with john and melissa's money, that's fine, and you can lose as much of that as you want, but if you're betting with the federally insured deposits, that is the proxy for systemic risk. >> john, can i just say sometimes you can learn the
Jan 4, 2010 11:00am EST
. and washington will be your new partner. you use that to your advantage. i don't think it will be raging but i think it will be more stable and predictable than a lot of people expect. >> thank you for your time. >>> we will discuss the case for an m&a boom during the new year. >> first, new leadership in big banks. morgan stanley, bank of america, we are going discuss the impact on the banking systems straight ahead. only here on "the call." what are you doing...? calling chase sapphire, seeing if we have enough points to stay longer. now? you don't have enough time... and you have to push all those buttons... no buttons, someone answers every time. yeah, right... bet you a massage... yeah, ok. hi, julie... i have a question about my points. hi, what button do i press for a massage? hello? new chase sapphire... you call. we answer. no waiting. just press right here... go to chase what matters. just got three of sprint's best 3g phones. frannie has the palm pre, which runs multiple apps at the same time. frannie! oh! [ male announcer ] james, the jet-setter, can call from j
Jan 22, 2010 11:00am EST
call" with breaking news from washington, i'm diana olick. during a house financial services committee chairman barney frank said fannie mae and freddie mac had gotten too much money over christmas and the committee should look into abolishing fannie and freddie in their current form and creating a whole new system of housing finance. this is not the first time chairman frank has said he wants to get rid of the current hybrid government fan sxe freddie system. the committee will look into it, into the government involvement in housing finance and will be the subject of many hearings about how taxpayers should get their money back when it comes to the housing market. again, he's saying fannie and freddie should be changed and that the current hybrid of government and private should not work. melissa? >> diane olick, thanks so much for that report. let's go to mary thompson with ge earnings. >> better-than-expected results for the parent of cnbc each as profit and revenue declined from last quarter. 2 cents ahead of estimate, revenue of $1 billion more of forecast. revenue declined in al
Jan 28, 2010 11:00am EST
bernanke's confirmation early this afternoon. steve liesman is still in washington with the latest tally -- the first vote would end the filibuster early this afternoon. i'm reading your thing, stevie, i'm sorry. you take it from here. i just want to know, tom honing, he is my new hero. >> you were doing so well. >> it popped up. this tell prompter in revolt. >> the first vote ends the filibuster, supposed to end this afternoon and perhaps a full vote on fed chairman ben bernanke and second term a half an hour arc the vermont senator, bernie sanders, took to the floor and expressed his view on the fed chairman. >> the american people want change at the fed, and i believe the american people want a new chairman or chairwoman at the fed. now is the time to say to the american people, we hear you. we are going to bring about change. >> now, sanders is one of the most outspoken critics, i don't carry the day, not according to the cnbc tally. we have 43 votes in favor and 20 against, if you project that forward, based on how the other folks voted a 70/30 split. the way, when you break it down
Jan 8, 2010 11:00am EST
. the tenor of debate in washington is going to be less about getting the deficit down immediately although the president will talk a lot in the state of the union about getting the deficit down over the long term, but in the short term people are going to be saying we need to spend it in order to get jobs back. >> know larry will disagree with me on this, but what made me nervous is the ride in the unemployment rate up to 17.3%. what do you think is the best remedy for anything or will the economy heal itself. if you asked people what you expect the fourth quarter would have looked like and i don't think anyone would guess that we have growth. >> you don't look at a single monthly number, but if you look at everything else, initial claims and layoff announcements and the trend, they show an improving trend. >> terms of up five straight months. >> 150,000 just in the fourth quarter. >> let mae just add, guys, quickly. >> joe lavorgna told me that's the best trend in temps for five months going back to the mid-1970s. steve, i know you want to say something about this. >> yeah. >> the forward
Jan 14, 2010 11:00am EST
. cnbc's diana olick is in washington with the latest update. hello, diana. >> hello, larry. yesterday it was the bankers and today it's the regulators. members of the financial crisis panel pressing the heads of the fdic and securities and exchange commission as well as attorney general eric holder as to how lack of regulation contributed to the crisis. >> in september of 2004 the fbi warned or it was the head of the criminal division of the fbi, the assistant director, washed about a quote, unquote, epidemic of mortgage fraud coursing across this country, and indicated that if it went unchecked it could end up with a financial consequence as a crisis as large as the snl crisis. what steps were taken in the wake of that 2004 fbi warning? foo we are constantly in the process of reviewing that which we can do better. i am not familiar myself with that statement. >> now, holder seemed to want to direct attention to deterring future dangerous financial conduct, but fdic chairman sheila bair who was an early critic of the subprime mortgage market admitted freely that the regulatory system
Jan 26, 2010 11:00am EST
in washington. fresh numbers from the congressional budget office, this as president obama calls for domestic spending freeze over the next three years. we have hampton pearson on the cbo numbers and john harwood on the president's strategy. let's start with hampton. >> the latest update pjes a $1.3 trillion for the current fiscal year. 9.2% of gdp. that's down slightly from the 9.9% of gdp forecast. treasury bailout spending and a slight improvement on the economy, but cbo budget director briefing reporters right now, warning that legislation enacted in the next several months boosting spending and revenues could change. the cbo calling beyond 2010 as quote, daunting projected deficits for the next decade will average $600 billion. the cbo looks for a slow recovery from the recession with an expiration of key tax cuts and slow wage in employment growth and a large excess of vacant houses as drags on the economy. >> the outlook for the federal budget is bleak. to be sure, forecasts the budget and economic conditions are highly uncertain. actual deficits could be significantly smaller than we
Jan 27, 2010 11:00am EST
colleagues both in washington and in new york can attest to that. >> so there was no formal agreement? >> no. as i said in my testimony what i did is i withdrew from and this was very important to do. again, no precedent for this. a sitting president of the new york fed to be nominated for the treasury and i consulted my colleagues for monetary policy decisions and did i not go to the fomc meeting in december and i withdrew from all decisions about the individual cases from the financial system and that was the right thing to do at that time. >> thank you for clarifying that. number two, a lot of people think that the president of the new york fed works for the u.s. government, but in fact, you work for the private banks that elected you. >> no, that is not true. >> can you provide, for the record the names of the handful of bankers of the board of the new york fed that elected you in 2003. >> that is a matter of public record and of course, we can do that. >> congresswoman, can i just say, what you just said was not true. i work in the public interest. officials of the federal reserve work
Jan 11, 2010 11:00am EST
shoo-in washington, d.c. howard, thank you very much. interested in your story. you are expanding store hours. how's that going to work out? can you make money doing that? >> sure. actually, larry, we are here in new york city on the floor of the show. and you were right. we are expanding our operating hours. what we did in our first quarter is we expanded hours in about 15% of our stores. which was very successful and we decided to complete the rest of the chain by the end of you on secretary quarter so we will be more convenient for our customers to shop with us. >>ive down in florida and i couldn't believe it. every strip mall, every block, there was a family dollar. they are everywhere. is there any more room to expand? have you overdone it? >> well, you know, we are right around 6600, 6700 stores. really have not penetrated the western part of the country yet. we continue to believe that we have substantial room for growth in this country as well as outside of this country. but with all of the customers that we are serving, we still believe we have a very small share of their pocke
Jan 15, 2010 11:00am EST
-record payouts drawing a steady fire of criticism from washington. >> i think the responsibility of wall street toward responding issue particularly to the bonus, they know how annoying that is to the american people. they didn't care. >> wall street journal analysis of full-year revenue estimates and money set aside for pay through the third quarter of last year by 38 top financial firms estimates the total pay will increase 18% in 2009. the average worker is expected to earn $149, 192. that's over $90,000 more than the $50,000 plus in wages and compensation earned by the average employee of a private company according to the bureau of labor statistics. financial firms will point to improving revenue and for some improving profits is the reason for the increase in pay. the firm's recovery reflected in a 40% plus gain in stocks. take, for example, j.p. morgan reporting today its '09 net income more than doubled to $11.8 million. thanks to record revenue it's more than 7,600 employees at its investment bank will be paid an average of $378,000, little more than 100,000 above last year's average p
Search Results 0 to 12 of about 13